Former state school employee Albert paid in $87K to teachers' pension fund, could collect $1.34M in retirement

Former state school employee Denise Albert, who retired in May 2017, saved $87,181 toward a pension over 23 years working for public schools, Teachers' Retirement System of the State of Illinois records show.

Over 30 years of retirement, Albert would collect as much as $1.34 million, according to a projection by Local Government Information Services (LGIS), which publishes DuPage Policy Journal.

The projection assumes Albert received $28,178 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 4 years of retirement, Albert will have already received $117,886 in retirement benefits, or more than the sum total of the retiree's contributions to the teachers' pension fund.